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Seminar

Year 2021 Tax Update (182)

Register for this course:

The meeting times for this class are in the past. Please check here for additional meeting times.

Meeting Times:

Friday, January 21, 2022 7:30 AM - Friday, January 21, 2022 3:00 PM
The meeting time above is expressed in MOUNTAIN TIME, which is:
Eastern Time:
9:30 AM - 5:00 PM
Central Time:
8:30 AM - 4:00 PM
Pacific Time:
6:30 AM - 2:00 PM

Price:

This course is in the past and can no longer be purchased.

Location:

Internet Course - Live Streamed

Delivery Method:

Group Internet Based

Credit Hours:

7.0 IRS Federal Tax Update MF2AY-U-01110-21-O
1.0 IRS Ethics MF2AY-E-01111-21-O

Field of Study:

Taxes - Technical; and Regulatory Ethics - Technical

Course Level:

Update

Prerequisites:

Working knowledge of federal income taxation

General Description:

This comprehensive federal Tax Update will cover all new tax legislation, including a comprehensive review of the changes made by the American Rescue Plan Act, Consolidated Appropriations Act, Infrastructure Investment and Jobs Act, and Build Back Better America legislation proposed by the Biden administration; and other new regulations, cases, and rulings in all areas of federal taxation through October 15, 2021.

Learning Objectives:

After completing this course the participant will be able to:

  • Discuss the 2021 significant changes for individuals, including the draft copy of the Form 1040 for 2021, the Kiddie Tax calculation, changes to the Earned Income Credit, Child Tax Credit, Child Care Credit, limitation on deductibility of losses under Section 461(l), as well as all 2021 inflation adjusted amounts.
  • Describe the options for distributions from qualified plans and IRAs and the effect on stretch IRAs as well as repayments for coronavirus-related distributions.
  • Explain new developments that affect S corporations, LLCs, and partnerships, including an update on the status of the SALT Parity Act, the use of Form 15254 for revoking a section 754 election, and proposed Form 7203 for tracking an S corporation shareholder's basis.
  • Summarize the most recent tax accounting provisions, including the latest guidance on deferring the recognition of income for advance payments for goods and services as well as the latest automatic method changes for filing a Form 3115.
  • Describe the latest changes affecting passive activity losses, including the rules that apply to real estate professionals, and applying the passive loss rules to an Airbnb or a VRBO.
  • Discuss the newly issued final regulations on the deductibility of entertainment expenses, business meals, travel meals, and meals related to an entertainment activity, as well as the guidance issued on meals provided by a restaurant.
  • Discuss the deduction under Section 199A for qualified business income and how to calculate the deduction and the problems that have been encountered by tax return preparers, including defining a specified service business, safe harbor test of Rev. Proc. 2019-38, alternative options to Rev. Proc. 2019-38, self leasing rules, and aggregation rules, as well as the changes to Section 199A for 2022.
  • Describe the latest developments on depreciation; bonus depreciation, Section 179 deduction, qualified improvement property, how to treat QIP placed in service in 2018 and 2019, and the 2021 definition of a luxury auto.
  • Discuss the current status of the return preparer rules, e-filing requirements, and PTINs, including the pending changes for tax return preparers who are not enrolled agents, CPAs, or attorneys.
  • Describe the latest developments in IRS procedures and practices, including Circular 230.
  • Discuss the recent changes in the estate and gift tax rules, including SLATs and the pending reduction in the estate and gift exemption amount.
  • Discuss recent developments in employment and self-employment tax, as well as the forthcoming changes in 2022 for the 3.8% tax on Net Investment Income as well as the status of having all S corporation income from a trade or business treated as self-employment income.

Instructors:

Isaac L. Lodico is a tax attorney in the corporate and transactional department of Sherman & Howard LLC in Denver. Previously he was professor and interim director of the Graduate Tax Program at the University of Denver, teaching Natural Resources Taxation, Civil & Criminal Tax Procedure, and Consolidated Tax Returns for alost 15 years. He earned an LL.M. in taxation from the Graduate Tax Program, J.D. and a graduate research fellowship from the University of California College of Law in San Francisco (Hastings), and B.A. from the University of Colorado. He is licensed as an attorney in Colorado and California and has extensive experience teaching continuing professional education seminars in tax for CPAs, attorneys, and other tax return preparers.

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